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10 Strategies for Increasing your Disposable Income

Saving money can be difficult, however, following a few simple strategies can make the process a lot easier. The tips listed below will help you save while still maintaining your normal lifestyle. You don’t have to put a ton of money away – just a little bit will really add up over time.

Just as important is looking at how you spend your money and the steps you can take to increase your disposable income. After-all, you can’t save money if it is all tied up. In addition, remember that planning, budgeting, and analyzing your finances are the keys to managing your money. Here are my 10 Strategies for Saving!

1. Nix bad habits – You can easily save loads of money each month by cutting out drinking, smoking, junk food, getting coffee out etc. Instead make your own coffee and tea at home. Smoking and drinking are not only costly, but also bad for your health. Watch how much extra money becomes available once you cut out your pricey habits! A healthy lifestyle=more money now and in the future!

2. Open a separate savings account – Opening a separate savings account will enable you to deposit extra money into another account. This is a great way to keep bills and disposable income separate. You can also have a portion of your work check automatically deposited into your chosen account, which is a great idea because you don’t have to think about it. This is a great way for spenders to force themselves to save each month!

3. Keep a change jar – Instead of reusing your change, dump it all into a piggy bank. Don’t cash the change until the bank is all the way full. This is a fun way to save up for something extra without feeling like you are wasting money. It’s always exciting to find out just how much change you saved up!

4. Open a Christmas Club account – Opening this account can take out the stress and upfront costs associated with holiday shopping. You can put away as little or as much money as you want each week. By the end of the year, you will have a good amount of money stored up for the holidays.

5. Get out of debt – Paying down all your credit cards is the best way to obtain financial freedom. Once you no longer have hundreds of dollars in monthly payments, you can finally use your disposable income as opposed to paying interest on items you bought years ago.

6.Reduce energy consumption – Analyze your heating/cooling expenses. Avoid overusing the heat and air conditioner. Turn off lights when you aren’t using them. Utility bills take up a much larger expense than we think. Open your windows during the summer months and wear warmer clothes/use heated blankets during the winter months. Watch your available money soar up by following simple energy saving techniques.

7. Sell unused items – Selling items you no longer need/use on eBay or through a garage/yard sale is a great way to make a few extra bucks. In the process you are also clearing out clutter and de-stressing your life. Any money you make is extra money.

8. Get a second job – Working a second job is a great way to pick up some extra cash for non-necessities like entertainment, vacations, and shopping, without feeling guilty for spending a little on yourself. Consider any extra money you make to be extra money that wouldn’t exist otherwise.

9. Reduce unnecessary luxuries – Cut out dining out, extended cable, fancy cell phones, and any other luxuries that are taking away all your disposable income. In addition, focus more on DIY projects like cooking your own dinners, home spa days, home repairs, auto repairs, etc. You can really save a lot of money by learning to do projects at home rather than paying other people to do the work for you.

10. Incorporate more exercise into your life – Exercise can help you save money in so many ways, however, most people just do not realize this or care. Walking or riding your bike is cheaper than driving. Hiking, biking, and other recreational activities are much cheaper than paid weekend attractions. Exercising now will lead to less expensive doctor visits in the future. Exercise has so many benefits, among them saving you money!

Have you used any of the tips above? Share some of your best money saving strategies!